Akoustis Technologies, Inc. (NASDAQ: AKTS) (“Akoustis” or
the “Company”), an integrated device manufacturer (IDM) of patented
bulk acoustic wave (BAW) high-band RF filters for mobile and other
wireless applications, announced today that, based on a
preliminary and unaudited basis, the Company expects revenue for
the fourth quarter ended June 30, 2019 to be at the upper end
of its previous revenue guidance of $500,000 to $600,000. It
also expects revenue to meet or exceed the consensus analyst
revenue estimate of $560,000.
June Quarter Highlights
Include:
- Received order and shipped first 5G mobile BAW filter samples
for wireless handsets to a multibillion-dollar tier-1
telecommunications customer.
- Received first tandem 5.2 GHz / 5.6 GHz WiFi coexistence filter
pre-production order from a tier-1 SoC customer.
- Showcased a live demonstration of the Company’s new 5.6 GHz
WiFi filter at the 2019 IEEE International Microwave Symposium
(IMS) held in Boston, MA.
- Shipped 3.8 GHz filters against multiple open purchase orders
to a strategic defense customer.
September Quarter Expectations
Include:
- Delivery of Company’s tandem 5.2 GHz / 5.6 GHz WiFi coexistence
BAW filter solution to tier-1 SoC customer in the September
quarter.
- Expect to deliver from backlog approximately 50k 5.6 GHz WiFi
filters to an existing Global RF customer.
- Plan to expand existing relationship with current defense
customer beyond 3.8 GHz with multiple, new bands in the sub-6 GHz
spectrum.
Jeff Shealy, Founder and CEO of Akoustis,
stated, “Our preliminary FYQ4 2019 revenue was at the upper end of
our guidance due primarily to commercial filter shipments to a
strategic defense customer, followed by our first 5G filter samples
delivered to the mobile market and continued 5.2 GHz WiFi filter
shipments. Looking ahead, we expect to see sequential growth in
filter related revenue as we add pre-production WiFi revenue from
our new 5.6 GHz product in the September quarter.”
Mr. Shealy continued, “We remain in a strong
financial position having sufficient cash on hand which provides
adequate operating capital through FY2020.”
Akoustis plans to host a quarterly update call
on August 26, 2019 at 4:30 pm EDT. Fully audited financial
statements are expected to be discussed at this time. The
conference call will be webcast live on the investor relations
website. Dial-in instructions and webcast information will be
announced prior to the call.
All Akoustis filters are designed and
manufactured using the Company’s patented XBAW™ process and
manufactured in the Company’s Si-MEMS Wafer Fab located in
Canandaigua, NY.
Akoustis has introduced several new filters over
the past twelve months including a 5.6 GHz WiFi filter, a 5.2 GHz
WiFi filter, a 3.8 GHz filter for defense phased-array radar
applications, a 3.6 GHz filter for the CBRS infrastructure market
and Band 25 downlink and uplink filters for LTE infrastructure. The
Company is also developing several new filters for the sub 7 GHz
bands targeting 5G mobile device, network infrastructure, WiFi CPE
and defense markets.
About Akoustis Technologies,
Inc.
Akoustis® (www.akoustis.com) is a high-tech BAW
RF filter solutions company that is pioneering next-generation
materials science and MEMS wafer manufacturing to address the
market requirements for improved RF filters - targeting higher
bandwidth, higher operating frequencies and higher output power
compared to incumbent polycrystalline BAW technology
deployed today. The Company utilizes its patented and
proprietary XBAW manufacturing process to produce bulk
acoustic wave RF filters for mobile and other
wireless markets, which facilitate signal acquisition and
accelerate band performance between the antenna and digital back
end. Superior performance is driven by the significant
advances of high-purity piezoelectric materials and the
resonator-filter process technology which drives electro-mechanical
coupling and translates to wide filter bandwidth.
Akoustis plans to service the fast growing
multi-billion-dollar RF filter market using its integrated
device manufacturer (IDM) business model. The Company owns and
operates a 120,000 sq. ft. ISO-9001:2015
certified commercial wafer-manufacturing facility located in
Canandaigua, NY, which includes a class 100 / class 1000 cleanroom
facility - tooled for 150-mm diameter wafers - for the
design, development, fabrication and packaging of RF filters, MEMS
and other semiconductor devices. Akoustis Technologies,
Inc. is headquartered in the Piedmont technology
corridor near Charlotte, North Carolina.
Forward-Looking Statements
This document includes “forward-looking
statements” within the meaning of Section 27A of the Securities
Act, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are intended to be covered by the “safe harbor”
created by those sections. These forward-looking statements
include, but are not limited to, statements about our estimates,
expectations, beliefs, intentions, plans or strategies for the
future (including our possible future results of operations,
business strategies, competitive position, potential growth
opportunities, potential market opportunities and the effects of
competition), and the assumptions underlying such statements.
Forward-looking statements include all statements that are not
historical facts and typically are identified by use of terms such
as "may," "will," "should," "could," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," “intend,”
“forecast,” “seek,” "potential," "continue" and similar words,
although some forward-looking statements are expressed differently.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, these forward-looking
statements are based on management’s current beliefs,
expectations and assumptions and are subject to risks and
uncertainties. Factors that could cause actual results to
differ materially from those currently anticipated include, without
limitation, risks relating to the results of our research and
development activities, including uncertainties relating to
semiconductor process manufacturing; the development of our
XBAWTM technology and products presently under development and
the anticipated timing of such development; our ability to protect
our intellectual property rights that are valuable to our business,
including patent and other intellectual property rights; our
ability to successfully manufacture, market and sell products based
on our technologies; the ability to achieve qualification of our
products for commercial manufacturing in a timely manner and the
size and growth of the potential markets for any products so
qualified; the rate and degree of market acceptance of any of our
products; our ability to raise funding to support operations and
the continued development and qualification of our products and the
technologies underlying them; and our ability to service our
outstanding indebtedness. These and other risks and uncertainties
are described in more detail in the Risk Factors and Management’s
Discussion and Analysis of Financial Condition and Results of
Operations sections of the Company’s most recent Annual Report on
Form 10-K and in subsequently filed Quarterly Reports on Form 10-Q.
Considering these risks, uncertainties and assumptions, the
forward-looking statements regarding future events and
circumstances discussed in this document may not occur, and actual
results could differ materially and adversely from those
anticipated or implied in the forward-looking statements. You
should not rely upon forward-looking statements as predictions of
future events. The forward-looking statements included in this
document speak only as of the date hereof and, except as required
by law, we undertake no obligation to update publicly or privately
any forward-looking statements, whether written or oral, for any
reason after the date of this document to conform these statements
to new information, actual results or to changes in our
expectations.
Contact:
COMPANY:
Tom Sepenzis
Akoustis Technologies
VP of Corporate Development & IR
(980) 689-4961
tsepenzis@akoustis.com
The Del Mar Consulting Group, Inc.
Robert B. Prag, President
(858) 794-9500
bprag@delmarconsulting.com
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